A Business at a Glance
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AdaptHealth Corp.
AHCO
$1.5B
Mkt Cap
$10.76
+2.77%
AdaptHealth Corp. (AHCO) has a 5-year average return on invested capital (ROIC) of 0.2%. This is below average and may indicate limited pricing power.
AdaptHealth Corp. (AHCO) has a market capitalization of $1.5B. It is classified as a small-cap stock.
AdaptHealth Corp. (AHCO) does not currently pay a regular dividend.
AdaptHealth Corp. (AHCO) operates in the Services-Home Health Care Services industry, within the Healthcare sector.
AdaptHealth Corp. (AHCO) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
AdaptHealth Corp. (AHCO) has a net profit margin of -2.2%. The company is currently unprofitable.
AdaptHealth Corp. (AHCO) generated $219 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AdaptHealth Corp. and subsidiaries ("AdaptHealth" or "the Company") is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment (“HME”), medical supplies, and related services. The Company operates under four reportable segments that align with its product categories: (i) Sleep Health, (ii) Respiratory Health, (iii) Diabetes Health, and (iv) Wellness at Home. A description of the products and services provided within each of the Company’s four reportable segments is provided below. Sleep Health The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.3B | 3.2B | 3.3B | 3.2B | 3.0B | 2.5B |
| Net Income | -80M | -71M | 83M | -679M | 63M | 142M |
| EPS | $-0.59 | $-0.52 | $0.61 | $-5.31 | $0.33 | $0.67 |
| Free Cash Flow | 192M | 219M | 236M | 143M | -18M | 72M |
| ROIC | 1.8% | 2.7% | 5.2% | -17.3% | 3.3% | 7.1% |
| Gross Margin | - | 18.8% | 20.9% | 19.5% | 19.5% | 18.2% |
| Debt/Equity | 1.21 | 1.22 | 1.33 | 1.55 | 1.08 | 1.14 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 73M | 91M | 264M | -598M | 190M | 226M |
| Operating Margin | 2.2% | 2.8% | 8.1% | -18.7% | 6.4% | 9.2% |
| ROE | -5.3% | -4.6% | 5.5% | -37.6% | 3.0% | 11.7% |
| Shares Outstanding | 136M | 136M | 136M | 128M | 192M | 212M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 345M | 530M | 1.1B | 2.5B | 3.0B | 3.2B | 3.3B | 3.2B | 3.3B |
| Gross Margin | 15.0% | 16.8% | 14.9% | 18.2% | 19.5% | 19.5% | 20.9% | 18.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 18M | 56M | 89M | 168M | 325M | 335M | 359M | 382M | 391M |
| EBIT | 31M | 29M | 71M | 226M | 190M | -598M | 264M | 91M | 73M |
| Op. Margin | 9.0% | 5.5% | 6.8% | 9.2% | 6.4% | -18.7% | 8.1% | 2.8% | 2.2% |
| Net Income | 23M | -21M | -162M | 142M | 63M | -679M | 83M | -71M | -80M |
| Net Margin | 6.7% | -4.0% | -15.3% | 5.8% | 2.1% | -21.2% | 2.5% | -2.2% | -2.4% |
| Non-Recurring | 0 | 858K | 5.0M | 2.0M | 0 | 838M | 17M | 162M | 162M |
| Returns on Capital | |||||||||
| ROIC | 50.9% | 16.8% | 11.3% | 7.1% | 3.3% | -17.3% | 5.2% | 2.7% | 1.8% |
| ROE | 465.2% | 126.2% | -102.3% | 11.7% | 3.0% | -37.6% | 5.5% | -4.6% | -5.3% |
| ROA | 12.6% | -4.7% | -13.7% | 4.0% | 1.2% | -14.0% | 1.8% | -1.6% | -1.8% |
| Cash Flow | |||||||||
| Op. Cash Flow | 68M | 60M | 196M | 276M | 374M | 481M | 542M | 602M | 600M |
| Free Cash Flow | 58M | 39M | 156M | 72M | -18M | 143M | 236M | 219M | 192M |
| Owner Earnings | -11M | -13M | 95M | -7.7M | 292K | 75M | 162M | 198M | 183M |
| CapEx | 9.9M | 21M | 40M | 203M | 391M | 337M | 306M | 382M | 408M |
| Maint. CapEx | 79M | 63M | 82M | 258M | 351M | 383M | 365M | 382M | 394M |
| Growth CapEx | 0 | 0 | 0 | 0 | 40M | 0 | 0 | 461K | 14M |
| D&A | 79M | 63M | 82M | 258M | 351M | 383M | 365M | 382M | 394M |
| CapEx/OCF | 14.5% | 35.3% | 20.3% | 73.7% | 104.7% | 70.2% | 56.5% | 63.5% | 68.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 20M | 0 | 0 | 14M | 29M | 0 | 0 | 0 |
| Buyback Yield | N/A | 8.4% | N/A | N/A | 0.4% | 3.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 883K | 11M | 19M | 25M | 22M | 22M | 15M | 22M | 23M |
| Debt Repayment | 25M | 238M | 547M | 827M | 20M | 95M | 423M | 250M | 250M |
| Balance Sheet | |||||||||
| Net Debt | 117M | 266M | 676M | 2.2B | 2.3B | 2.2B | 2.0B | 1.7B | 1.8B |
| Cash & Equiv. | 947K | 77M | 100M | 150M | 46M | 77M | 110M | 106M | 48M |
| Long-Term Debt | 127M | 395M | 777M | 2.2B | 2.2B | 2.1B | 2.0B | 1.7B | 1.8B |
| Debt/Equity | 26.84 | -10.22 | 2.21 | 1.14 | 1.08 | 1.55 | 1.33 | 1.22 | 1.21 |
| Interest Coverage | 4.2 | 0.7 | 1.7 | 2.4 | 1.7 | -4.6 | 2.1 | 0.9 | 25.8 |
| Equity | 5.0M | -39M | 355M | 2.1B | 2.2B | 1.5B | 1.6B | 1.5B | 1.5B |
| Total Assets | 369M | 547M | 1.8B | 5.3B | 5.2B | 4.5B | 4.5B | 4.3B | 4.4B |
| Total Liabilities | 266M | 612M | 1.5B | 3.2B | 3.1B | 3.0B | 2.9B | 2.8B | 2.9B |
| Intangibles | N/A | N/A | 116M | 202M | 163M | 130M | 106M | 85M | 80M |
| Retained Earnings | -13M | -40M | -199M | -43M | 26M | -653M | -562M | -633M | -649M |
| Working Capital | -45M | 27M | -59M | 170M | 129M | 112M | 189M | 17M | -56M |
| Current Assets | 91M | 181M | 363M | 670M | 585M | 649M | 756M | 729M | 687M |
| Current Liabilities | 136M | 154M | 422M | 500M | 456M | 537M | 567M | 712M | 743M |
| Per Share Data | |||||||||
| EPS | 0.49 | -0.24 | -0.77 | 0.67 | 0.33 | -5.31 | 0.61 | -0.52 | -0.59 |
| Owner EPS | -0.24 | -0.15 | 0.45 | -0.04 | 0.00 | 0.59 | 1.19 | 1.45 | 1.34 |
| Book Value | 0.10 | -0.43 | 1.69 | 9.74 | 11.19 | 11.41 | 11.58 | 11.15 | 11.08 |
| Cash Flow/Share | 1.43 | 0.67 | 0.93 | 1.30 | 1.94 | 3.76 | 3.99 | 4.42 | 2.31 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 47.7M | 89.9M | 209.9M | 211.6M | 192.3M | 127.9M | 135.7M | 136.1M | 136.0M |
| Valuation | |||||||||
| P/E Ratio | 5.0 | N/A | N/A | 34.3 | 57.9 | N/A | 15.6 | N/A | -18.3 |
| P/FCF | 8.0 | 24.5 | 50.9 | 67.3 | N/A | 6.5 | 5.5 | 6.4 | 7.6 |
| EV/EBIT | 8.1 | 19.0 | 37.3 | 30.7 | 30.6 | N/A | 12.5 | 33.5 | 44.3 |
| Price/Book | 23.5 | N/A | 5.6 | 2.4 | 1.7 | 0.6 | 0.9 | 0.9 | 1.0 |
| Price/Sales | 0.3 | 0.4 | 1.0 | 2.4 | 1.2 | 0.5 | 0.4 | 0.4 | 0.4 |
| FCF Yield | 49.9% | 16.3% | 7.9% | 1.5% | -0.5% | 15.3% | 16.7% | 15.7% | 13.1% |
| Market Cap | 117M | 239M | 2.0B | 4.9B | 3.7B | 936M | 1.4B | 1.4B | 1.5B |
| Avg. Price | 9.74 | 10.03 | 20.48 | 27.98 | 19.07 | 12.44 | 9.86 | 9.41 | 10.76 |
| Year-End Price | 9.83 | 10.66 | 37.80 | 23.00 | 19.12 | 7.32 | 9.53 | 10.25 | 10.76 |
AdaptHealth Corp. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 6.7x vs a median of 8.0x. The company's 5-year average ROIC is 0.2% with a gross margin of 19.4%. At current prices, the estimated annualized return to fair value is -19.4%.
AdaptHealth Corp. (AHCO) has a debt-to-equity ratio of 1.22. This indicates moderate leverage.
AdaptHealth Corp. (AHCO) reported earnings per share (EPS) of $-0.52 in its most recent fiscal year.
AdaptHealth Corp. (AHCO) has a return on equity (ROE) of -4.6%. A negative ROE may indicate losses or negative equity.
AdaptHealth Corp. (AHCO) has a 5-year average gross margin of 19.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for AdaptHealth Corp. (AHCO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AdaptHealth Corp. (AHCO) has a book value per share of $11.15, based on its most recent annual SEC filing.